"Bitcoin is successful only because of its potential for circumvention, lack of oversight," Joseph Stigliz, currently a professor at Columbia University, said in an interview on Bloomberg Television today, as the cryptocurrency reached new all-time highs this week.

However, Stiglitz, who also chaired the U.S. President's Council of Economic Advisers during the Clinton Administration, said he does support technological innovation in payments, but thinks digital money should still be fiat created and controlled by the government.